The USD/CAD pair trades in a tight range but comfortably holds the crucial support of 1.3700 in Wednesday’s European session.
USD/CAD stays on the sidelines above 1.3700 amid uncertainty over the timeframe for Fed rate cuts. US customers cut heavily on discretionary spending, which indicates a decline in purchasing power. Canadian Retail Sales are expected to have returned in a positive trajectory. The Loonie asset consolidates amid uncertainty over the Fed eral Reserve’s rate-cut path due to the divergence between the Fed ’s projections and market expectations for how much interest rates will be reduced this year.
Monthly Retail Sales are anticipated to have returned to a positive trajectory after contracting for three straight months. The economic data is estimated to have increased by 0.7%. USD/CAD continues to consolidate in the 1.3600-1.3800 range from almost seven weeks. The Loonie asset holds the 200-day Exponential Moving Average , which trades around 1.3690, suggesting that the overall trend is bullish. The 14-period Relative Strength Index oscillates in the 40.00-60.
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